Ncredit Loan App Review: Legit or Scam? [The Truth]

Are you seriously contemplating taking a loan from Ncredit loan app? Then you need to go through this review article before making further decisions. In this article we shall be given a detailed review about this seemingly new loan application as well as answer user queries about this platform.

Loan apps are  fast becoming the go-to institution for many Nigerians in the midst of the economic depression in the country. Many Nigerians are now falling back on loans from loan apps to make ends meet. 

In fact, some of the most downloaded apps in Nigeria today are loan apps and that is why the Fintech market in Nigeria is currently flourishing. 

A very popular loan app on the Google play store today is Ncredit. In this article, we will be talking extensively on Ncredit and its basics. 

What is Ncredit Loan App

The Ncredit loan app is a very popular lending app among Nigerians. The app is Owned by Finnew fintech Limited and was released in June 2023. 

Since its early release this year, Ncredit has garnered over 50,000+ downloads on the Google play store and has lots of positive reviews from users. 

Ncredit currently ranks number 23 on Similarweb’s list of 50 top finance apps in Nigeria 2023; this only goes to show how good the loan app is. 

How Does Ncredit Loan App Work 

The Ncredit loan app provides loans within N3000 to N800,000 and a whooping 91- 365 days duration. Since they are micro loans provided via online, there are no paperwork needed before you can apply. This means that Ncredit loan application process is much easy and less rigid and demanding.

To borrow on Ncredit, all you need is your BVN, a government issued identification card and your phone number. The app requires one between 20-65 to be granted a loan so you must keep this in mind. 

Ncredit offers very low interest rates on their loans and peculiarly a small service fee is usually placed on your transactions on the app. 

Is Ncredit Loan App Legit

To the best of our knowledge, the Ncredit loan app is legit and has been disbursing loans since its launch. The app is safe to use and there have been no reports of fraudulent activities from its end since the time of its inception.

How to Get Ncredit Loan App

To install the Ncredit loan app on your phone, do this: 

1. If you are an Android user open the Google play store on your phone

2. Search for “Ncredit” 

4. When the search results are out, click on the “install” button of the app on Google store. 

How to Sign Up on Ncredit

Before you can apply for a loan on Ncredit, it is mandatory to be registered or signed up on the platform. Signing up on Ncredit is as easy as ABC and it requires following these step by step guide; 

1. Open Ncredit app on your phone

2. Read the terms and conditions of the app and click on “agree” 

3. Grant the app permission to some of your phone features 

4. Input your phone number and click “obtain” to get an OTP

5. An OTP will be sent to your phone, enter it on the space provided and click “submit” 

6. On the next page enter the requested details and click “next step”

7. Provide four of your contacts that can stand as your guarantors, click “next step” when this is done

8. Take a selfie of your full face and provide your BVN, your full name and your bank details

9. Scan your face and follow the on screen prompt. 

10. Upon submission, your credit limit will be evaluated and communicated to you within minutes. 

How to Apply for a Loan on Ncredit

After you have completed your signup or registration on Ncredit, you can apply for a loan. 

Here is a ‘straight to the point’ how to apply for a loan on Ncredit; 

1. Open the Ncredit app

2. On the home screen, under your loan limit amount, click on “borrow now” 

3. Note that if you click “borrow now” the loan you will automatically apply for will be what’s displayed under the ‘maximum amount’. 

4. If your loan application is successful, the account will be credited within 24 hours. 

How is Ncredit’s Interest Rate and Service Fee Calculated

First of all, Ncredit’s interest rate on loans is pegged between 2.5% to 20% with a maximum of 20% APR per year. The service fee for Ncredit transactions is between 0.1% to 0.5%

Ncredit calculates their interest rate and service fee this way; 

Let us assume you borrowed a loan of  N4,000 on Ncredit and your loan repayment period is a year, this is how to calculated the total amount you will be repaying; 

Loan Amt: ₦4,000

Loan Term: 1 year

Interest/charges: ₦4,000*15%= ₦600

Service fee: ₦4,000*0.4%=₦16

Gross Total Repayment Amount= Loan Amount + Interest/charges + Service fee =₦4,616

How to Repay Loan on Ncredit

When you are ready to repay your Ncredit loan, you have to login to the app and initiate a payment using your ATM card or you can request to pay through transfer, the app will send you a special account details which you are required to copy and make your transfer to. 

Pros of Ncredit

Ncredit has come to be loved by users because; 

1. The online application process is quick and easy

2.  Fast registration process

3.  NO collateral or guarantor needed

4. Flexible repayment method.

Cons of Ncredit 

1. One flaw of Ncredit loan app is the amount of their first time credit limit. As a new user, the app would most likely offer a loan of N3,000 maximum which is actually quite small to be loaned

Frequently Asked Q & A 

Q: Is Ncredit loan app available on IOS Devices?

A: No! Ncredit loan app is only available for android devices 

Q: What are the requirements for applying for a loan on Ncredit? 

A: To be eligible to borrow loan on Ncredit, you must have all of the following: 

1. You must be between 18-65 years old.

2. Have a Bank Verification Number(BVN)

3. Have a valid mobile number (for any emergency about your loan).

4. Have a valid Nigerian ID (issued by the local government).

Q: What is Ncredit’s Interest Rate? 

A: Ncredit’s interest rates on loans swings between 2.5% to 20

Q: What happens if I don’t pay my Ncredit loan?

A: Of course you don’t need to be told the importance of a good credit score. Failure to repay your Ncredit loan when due will have you mess up your credit score, this might prevent you from borrowing money in the future within and outside the app. Apart from a bad credit score, Ncredit might also report you to the National Credit Bureau for failing to repay your loan. 

Q: Ncredit’s customer care

A: To reach Ncredit for issues and complaint, contact them on;

Customer Service Hotline: 08166181224


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Final Verdict

Ncredit although relatively new to the Fintech market, has proven to be a reliable loan app. If you are in need of a micro loan with considerable repayment options, then Ncredit is for you. 

As we urge you to give Ncredit a try, we also urge you to be careful as loan apps can barely be trusted in terms of long term fidelity. 

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About Stefan C.

Focused On bringing you the best educational and finance related topics that will impact your life and the lives of millions.
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